2017 benefit trends

We share our thoughts on what we think some of the trends in employee benefits will be this year including; financial education and healthcare.

Darren Laverty, one of our Partners suggest that financial education will increase with more employers addressing the issue and looking at the link between financial and mental wellbeing.

Whilst our Group Risk and Healthcare Manager, Morag Livingston believes that Insurance Premium Tax (IPT) rises over the past 18 months will have an impact on the healthcare offering of many employers.

Darren Laverty, partner, Secondsight believes that financial education will come into its own. He comments:

“In 2017, increasing numbers of employers will begin to address the link between financial and mental wellbeing. In many organisations they are considered ‘taboo’ subjects, where employers and employees are often too embarrassed to address them. Thankfully employee wellbeing has moved on, it’s no longer just about fitness and healthy eating programmes – employers are now looking at how to identify signs of financial or mental stress in their staff as well.

“Whilst many employers won’t be able to solve all of the underlying issues with pay rises, offering to support staff in other, practical ways is a really positive move. For some, this will lead on to financial education in the workplace.”

Laura Matthews, Workplace Wellbeing Consultant at Barnett Waddingham agrees.  She explains:

“A ‘financially well’ employee is less likely to have sleepless nights, which impacts on presentism and even absenteeism. There are a range of topics which could affect employee financial wellness. Most prominently financial worries about personal debt, savings or investments, but also more general pressures such as the uncertainty around the impact of Brexit on the economy and the pound.”

Read what else the team had to say in the article featured on the HR News website here.